UK and Canada to develop "two distinct but complementary" defence-finance institutions

In a joint statement, the two finance ministries said they had considered how the Multilateral Defence Mechanism and the Defence, Security and Resilience Bank "can best advance our shared objectives". They said they concluded "it is best to develop two distinct but complementary institutions that work in partnership". They agreed "to develop a framework of cooperation that works in the interest of both institutions", which they said will "provide complementary tools to strengthen the defence industrial base and enhance collective defence readiness".